Doing business in China sure is no cake-walk.
Last month I blogged on the corporate governance issues confronting businesses wanting a piece of the action in China. In addition, more than $900 billion of bad loans has been piling up there, according to the Consumerism Commentary blog.
Now Ernst & Young has ordered an internal inquiry into the beancounters publishing a controversial report on China's non-performing loans. Ernst & Young withdrew the report after the People's Bank of China attacked it as "ridiculous and barely understandable". E&Y now claims its estimate of bad debts for the country's big four state banks "cannot be supported and . . . is factually erroneous". Funny about that.
Meanwhile, there is a report that PricewaterhouseCoopers is being sued by Shanghai Waigaoqiao Free Trade Zone Development Co Ltd which has claimed negligence in the way PwC audited its 2003 and 2004 accounts.
no comment untill now